The worlds biggest investment banks are abandoning Abbot Point — the coal terminal that threatens our Reef. Early this morning, the Wall Street Journal broke the news. It reported Citibank does not plan to be involved in any financing for the Abbot Point expansion.1 Whats more, it reported other major US banks are distancing themselves from the project too. This is big. Wall Street sets the agenda for the entire investment community. Their position will send a clear message to other banks — Abbot Point is a bad investment, stay away. But Indian energy giant Adani still has a strong chance to borrow the $10 billion it needs to finance Abbot Point and its Carmichael megamine, and the threat to our Great Barrier Reef remains imminent. Commonwealth Bank, Westpac, ANZ and NAB are the banks most crucial to funding Abbot Point.
Posted on: Tue, 28 Oct 2014 04:11:30 +0000
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